The SPY closes the week just few cents above 196$ which was the last line of defense of the bulls. The good NFP numbers made the SPY gap up above the daily uptrend line only to meet minor hourly trend line which it failed to pass. Really interesting to see how next Monday will open - A gap down below 196 could mean back to the selling business. A gap up could mean a deeper pullback, maybe towards the 198$ zone which is the next resistance level. If you are looking at the IWM, you see that despite today's rally, the chart isn't so positive: twitter.com/themarketzone/status/518128663804403714
I will talk about it in next week's Weekly Markets Analysis newlsetter Sign up for free here: themarketzone.net/
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